BACKGROUND:
Microeconomics focuses on individual markets,
their buyers and sellers, and the basis for their choices
There are only a couple state standards relating to Microeconomics, so consider this unit to be a very basic overview of some of the underlying principles and approaches to the subject. Microeconomics, as we will study it, explores the functioning of markets (see optional introductory video at right). Therefore, we will attempt to simulate a market in order for you to participate in one and see some of the dynamics unfolding in action. You will also learn to graph markets and to interpret graphs about markets. We will not go into formulas or more advanced concepts that you will definitely learn about in a college Microeconomics course. However, we will give you a grounding to build upon when you do make that next leap.
SUPPLY AND DEMANDTHE THREE BEARS: Surplus, Shortage and EquilibriumSHIFTING SUPPLY AND DEMAND: Meet the DeterminantsMARKET STRUCTURES AND COMPETITIONPRICE FLOORS AND PRICE CEILINGSEXTERNALITIES |
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